Gold Extends Losing Streak to Seven Sessions

by CoinNews.net on March 5, 2019 · 0 comments

Bullion Bar and Gold Bullion Coins

Gold declined Tuesday, March 5, by 0.2%

Gold prices finished at their worst level in about six weeks Tuesday, extending their losses to seven consecutive sessions.

Gold for April delivery shed $2.80, or 0.2%, to settle at $1,284.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Jan. 24.

"With the U.S.-China trade agreement looking like it will happen and the softening of Brexit negotiations seeming to be developing into a positive thing, people are getting out of metals and converting it to equities," Reuters quoted Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

"If there is a (trade) agreement, there is a lot more room on the upside for equities and then the bull run in gold is over."

Gold futures ranged from a low of $1,282 to a high of $1,290.60. They declined 0.9% on Monday.

Elsewhere, silver for May delivery was unchanged at $15.105 an ounce. The settlement was the lowest since Dec. 24. Silver futures traded between $15.06 and $15.18. They declined 1% on Monday.

In other precious metals futures dealings:

  • April platinum slipped 90 cents, or 0.1%, to $838 an ounce, ranging from $835 to $843.10.

  • Palladium for June delivery fell $19.20, or 1.3%, to $1,465.90 an ounce, trading between $1,460 and $1,493. Last Tuesday, the precious metal marked a record settlement of $1,519.70 an ounce.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM

  • Gold declined $1.60, or 0.1%, to $1,283.80 an ounce.
  • Silver fell 5 cents, or 0.3%, to $15.11 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week January February March / This Week 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 600 27,100 2,400 0 29,500
$50 American Eagle 1 Oz Gold Coin 0 1,500 44,500 11,000 1,500 57,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 15,000 1,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 10,000 0 100,000
$50 American Buffalo 1 Oz Gold Coin 0 500 23,500 6,000 500 30,000
$1 American Eagle 1 Oz Silver Coin 0 100,000 4,017,500 2,157,500 0 6,175,000

 

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